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September figures show mortgage approvals up by 24%

Latest figures from the British Banking Association reveal that the number of mortgage approvals climbed by 24% year on year in September 2015, with remortgaging up by 40% and the number of house purchases up by 14%.

The BBA, a leading trade association for the UK banking sector, has published the latest figures for September 2015 in its High Street Banking Statistics report.

At £12.1 billion in September, gross mortgage borrowing was 17% higher than in the same month last year. Overall mortgage stock is now 1.7% higher than a year ago, despite seeing a decrease in demand in the second half of 2014.

Following a consistent rise for most of 2015, the report indicates a slight drop in house purchase approvals in September. Nevertheless, there were still 14% more approvals compared to the same month last year.

Remortgaging approvals also dipped slightly in September, but were still 40% higher than last year. Other approvals were also 40% higher than a year ago.

As such approvals overall were lower than in August 2015 but were still 24% higher than in September 2014.

Richard Woolhouse, Chief Economist at the BBA, said:

“Borrowing figures in the mortgage market remain strong as customers take advantage of record low interest rates. In particular, remortgaging remains high as savvy customers secure attractive deals ahead of a possible rate rise."